The US division of UK-listed online gambling operator Betfair will launch America’s first exchange wagering site next month.

Betfair US, now part of the Paddy Power Betfair behemoth, along with their Darby Development partners at New Jersey’s Monmouth Park racetrack, announced this week that exchange wagering would officially commence in the state on May 10.

A closed beta version of the site was made available on Monday to customers of 4NJBets, the New Jersey advance deposit wagering site run by Betfair offshoot TVG. Betfair also operates an online casino in the state in conjunction with Atlantic City’s Golden Nugget casino.

Betfair US was issued America’s first exchange wagering license last November, ending what had been a seven-year stretch of frustration and futility. Betfair US is believed to have spent upward of $10m in an unsuccessful attempt to convince racing stakeholders in other US states of the merits of exchange wagering.